The University of Michigan has set another round of records this year when it comes to inventions and innovations.
The university's Office of Technology Transfer
reported 439 new inventions for the last fiscal year, which us up from 421 the previous year. U-M also recorded 148 option and license agreements (up from 108 a year ago) and launched 14 startups.
"It has been a steady (upward) trend for the last five years," says Ken Nisbet, associate vice president for research and tech transfer at the University of Michigan.
Now each invention doesn't equate a new startup. Oftentimes a startup developing a new technology platform will be based on a handful of patents. Nisbet estimates that about 25 percent of new inventions are robust enough to become their own startups.
"These inventions are a whole range of ideas," Nisbet says. "It could be a platform technology that is big and broad or a smaller piece of technology that a company can enhance."
He adds that each newly created startup spun out of the university requires much more complex technology than say a software developer coming up with a new mobile app. Because of the complexity of it means that more than a dozen new startups launched each year puts U-M toward the more prolific end of research university technology transfer programs. For instance, MIT normally leads the way and it routinely notches about 20 new startup launches each year.
"Fourteen is a pretty robust number when you consider the type of startup it is," Nisbet says.
The University of Michigan has 22 startups currently housed in its Venture Accelerator on the North Campus Research Complex
. Each of those startups employs a couple of people. For instance, Exo Dynamics
is a U-M spinout that is developing a back brace for the 21st Century. It currently has a team of five people working on the venture.
Check out a video promoting U-M’s Tech Transfer program here
Source: Ken Nisbet, associate vice president for research and tech transfer at the University of Michigan
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.